Gap Inc: Old Navy saves 2014/15 financial year
With 16.4 billion dollars in sales generated in the financial year ended at the end of January, the Gap group only saw a slight increase compared to the 16.15 billion the year before. The reason: the constant drop in sales at its landmark retailer.
Gap thus saw a 6% drop in its sales for the quarter ended at the end of January (compared to +1% a year earlier). This after the first three quarters each saw a drop of 5%.
The situation isn't much better for Banana Republic. The brand went up 1% over the last quarter (compared to -3% a year earlier). An increase that balances out the 1% decrease in the first and third quarters (the second quarter was stable).
And it is once again Old Navy who has saved the day, with an 11% increase (after remaining stable in 2013). The first three quarters were marked by progress of 1%, 4% and 1%.
Gap Inc., which recently discontinued its online marketplace, Piperlime, is present in 90 countries via a network of 3,200 directly-owned stores and more than 400 franchises. The consolidated numbers for the 2014/15 financial year will be published in the following weeks.
$1 = £0.66
Copyright © 2023 FashionNetwork.com All rights reserved.